Latino Businesses - Rapid Growth in Hennepin County

Latino Firms – Rapid engine of growth in Hennepin County Bruce P. Corrie, PhD Professor of Economics, Concordia University www.ethnictrends.info/MarketResearch.html corrie@csp.edu, Tel: 612 321 8263 Latino firms are a rapid engine of growth in Hennepin County according to the latest data from the Economic Census, 2007. During the period 2002-2007 the number of Latino firms grew by 26 percent and their revenue by 545 percent. There were 1609 Latino firms in Hennepin County with $1.01 billion in revenue. They employed almost 4000 people with an annual payroll of $136 million – an 84 percent increase in employment and 222 percent increase in annual payroll during the same period. For more details see: www.ethnictrends.info/MarketResearch.html

Minority Firms Continue Rapid Growth in MN

Latest Data Reveal Rapid Growth Continues for Minority Firms in Minnesota.. MN Latino Business Revenue Grew 250 percent – Second Highest in the Nation

Bruce P. Corrie, PhD Professor of Economics, Concordia University http://ethnictrends.info/MarketResearch.html corrie@csp.edu, Tel: 612 321 8263

Latest data on ALANA (African Latino Asian and Native American) firms in Minnesota (Economic Census 2007) reveals some interesting trends:

· Ranked by revenue, minority firms as a group would be the 15^th largest in the state with total revenue of $5.8 billion in 2007, larger than St. Jude Medical, Toro and Deluxe Corporation. Asian owned firms would rank the 22^nd largest with revenue of $2.4 billion.

· Ranked by employees, minority firms as a group would be the 9^th largest employer, bigger than General Mills, Ecolab and Hormel, employing almost 40,000 with an annual payroll of $1.1 billion.

· The number of minority firms grew by 43 percent between 2002-2007 compared to 12 percent for all firms in Minnesota. Black owned firms were the largest number of minority firms followed by Asian owned firms.

· Revenue of minority firms grew by 83 percent between 2002-2007 compared to 30 percent for all firms in Minnesota. Revenue of Latino firms grew by 248 percent during this time period – the second highest growth in the nation. Revenue of Native American firms grew 72 percent.

Minnesota – time for a new vision – ALANA Capital can make Minnesota a Global Competitor. These firms are rebuilding the inner city, expanding the high tech corridors and creating jobs and wealth in Minnesota.

For more details and updated reports please visit - http://ethnictrends.info/MarketResearch.html

(Data is from the Economic Census 2007, preliminary estimates)

New Vision of Ethnic Capital Part of State of MN Policy

The State of Minnesota adopted this new vision for Minnesota...now we hope they will take it to the implementation phase....

State agency personnel: Please take note of the following excerpts from the Commissioner's Order regarding state agency purchasing:

1. Businesses owned and operated by minorities, women, veterans and disabled individuals make significant contributions to Minnesota's economy.
2. Small businesses are major contributors to jobs and revenue growth in Minnesota.
3. Public spending can leverage small business development which in turn can help address issues such as job growth, increased tax revenue, increased human capital and reduction in dependency and crime.
4. Public spending to leverage small business development is a priority for Minnesota's executive branch leadership and part of a larger strategy to make Minnesota globally competitive.
5. State and local government agencies are strongly encouraged to develop programs to help build the capacity of Minnesota's small businesses.
6. State executive branch agency purchasing and contracting conducted under the authority of Minnesota Statutes Chapter 16C must, at minimum, comply with this order.